Soybeans Hit 9-Week Top

Soybean futures climbed above $12.1 per bushel, reaching a nine-week high, supported by renewed Chinese demand for US supplies and higher crude oil prices. Brent crude rose above $90 a barrel after Iran targeted vessels in the Strait of Hormuz over the weekend, while the US carried out a ninth consecutive night of strikes, boosting the outlook for biofuel demand. Chinese buying also reinforced bullish sentiment, with the USDA reporting private export sales of 340,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year. However, official customs data showed China’s June soybean imports from the US fell 20.6% year-on-year to 1.27 million tons, reflecting the lingering impact of earlier trade tensions, although imports from Brazil rose 13.7% to 12.08 million tons, lifting China’s total soybean arrivals to a record 13.55 million tons for June. Traders now await the USDA’s weekly Crop Progress report later Monday following extreme heat across key growing regions.